Evonik Industries AG has turned its attention to the U.S. in its search for a target after struggling to make a larger acquisition in Europe, according to people familiar with the matter. Germany's second-largest chemical maker has held talks with several U.S. companies including Air Products & Chemicals Inc. about buying its material technologies unit, which is scheduled to be spun off later this year, said three of the people. Evonik hasn't made any final decision and is still scouting for targets, the people said. Time is running out for Evonik Chief Executive Officer Klaus Engel after he set a deadline of mid-2016 to either find a suitable acquisition or distribute Evonik's burgeoning pile of cash to investors.
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